ExxonMobil is seeking to sell its European chemical plants in the UK and Belgium as the sector reels from the impact of U.S. tariffs and competition from China, according to the Financial Times.
A report by the medium on Thursday, citing two sources familiar with the matter, said the energy producer has held early-stage discussions with advisers in recent weeks on possible sales, which could fetch up to $1 billion.
Exxon told the newspaper that it does not “comment on rumours or speculation”.
In May, Exxon entered into exclusive negotiations with the French unit of Canadian energy group North Atlantic to divest its majority-owned French subsidiary Esso.
The European chemicals industry is facing renewed pressure as U.S. tariffs disrupt global trade, delay orders, and intensify competition from cheaper Asian imports, threatening recovery in a sector still reeling from the 2022 energy crisis.
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Exxon owns an ethylene plant in the Scottish town of Fife, as well as several production sites in Belgium. It had also discussed simply shutting them down, the report said.
There was no guarantee a deal would materialise, and Exxon could opt to hold on to the assets, the report said.
Other major players like LyondellBasell and Sabic are also reducing their European footprints, with LyondellBasell selling certain olefin and polyolefin assets earlier this year.
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